The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
Date1
Development
Comments
Included inPart I of the CPA Canada Handbook2
January 2010
Part I of the CPA Canada Handbook issued
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.
January 2010
May 6, 2010
Amended by Improvements to IFRSs 2010 (clarification of statement of changes in equity)
Paragraphs 106 and 107 have been amended and paragraph 106A added to clarify how entities may present the required reconciliations for each component of other comprehensive income.
These amendments are effective for annual periods beginning on or after January 1, 2011.
July 2010
June 16, 2011
Amended by Presentation of Items of Other Comprehensive Income
A requirement has been added to present items in other comprehensive income grouped on the basis of whether they may be reclassified subsequently to profit or loss. This amendment makes clearer the effects items of other comprehensive income may have on profit or loss in the future. Consistent with this requirement, income tax on items presented in other comprehensive income is required to be allocated between items that will not be reclassified subsequently to profit or loss and those that might be reclassified, if the items in other comprehensive income are presented before tax.
These amendments are effective for annual periods beginning on or after July 1, 2012. Earlier application is permitted.
September 2011
May 17, 2012
Amended by Annual Improvements 2009-2011 Cycle (comparative information)
Paragraphs 10, 38 and 41 have been amended, paragraphs 38A-38D and 40A-40D have been added and paragraphs 39 and 40 have been deleted to clarify the requirements for providing comparative information in financial statements.
These amendments are effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted.
August 2012
December 18, 2014
Amended by Disclosure Initiative (Amendments to IAS 1)
IAS 1has been revised to incorporate amendments issued by the IASB in December 2014. The amendments:
- clarify the existing presentation and disclosure requirements in IAS 1, including the presentation of line items, subtotals and notes; and
- provide guidance to assist entities to apply judgment in determining what information to disclose, and how that information is presented in their financial statements.
Effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
April 2015
October 31, 2018
Amended by Disclosure Initiative — Definition of Material (Amendments to IAS 1 and IAS 8) [Completed]
IAS 1has been revised to incorporate a new definition of “material” and IAS 8 has been revised to refer to this new definition in IAS 1. The amendments are effective for annual reporting periods beginning on or after January 1, 2020. Earlier application is permitted.
February 2019
January 23, 2020
Amended byClassification of Liabilities as Current or Non-Current (Amendments to IAS 1) [Completed]
IAS 1has been revised to (i) clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability; (ii) clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and (iii) make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and are to be applied retrospectively. Earlier application is permitted.
April 2020
July 15, 2020
Amended byClassification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)
This change defers the effective date ofthe January 2020 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)by one year to annual reporting periods beginning on or after January 1, 2023. Earlier application of the January 2020 amendments continue to be permitted.
October 2020
February 12, 2021
Amended byDisclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
These amendments are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The amendments are to be applied prospectively. The amendments to IAS 1 are effective for annual periods beginning on or after January 1, 2023. Earlier application is permitted. Once the entity applies the amendments to IAS 1, it is also permitted to apply the amendments to IFRS Practice Statement 2.
June 2021
October 31, 2022
Amended by Non-current Liabilities with Covenants (Amendments to IAS 1). See Completed Project.
These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after January 1, 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.
December 2022
June 30, 2023
Amended by Non-current Liabilities with Covenants (Amendments to IAS 1). See Completed Project.
IAS 1 Presentation of Financial Statements has been revised to remove the amendments issued by the IASB in January 2020, which initially had an effective date of January 1, 2023. Amendments to IAS 1 issued by the IASB in October 2022 defer the effective date of the January 2020 amendments to annual reporting periods beginning on or after January 1, 2024.
The suite of amendments to IAS 1 (2020 and 2022) has an effective date for annual reporting periods beginning on or after January 1, 2024.
July 2023
April 9, 2024
Issuance of IFRS 18
IAS 1 will be superseded by IFRS 18 Presentation and Disclosure in Financial Statements, which becomes effective for annual periods beginning on or after January 1, 2027.
N/A
